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Nimble Storage expected to raise $184M in New York IPO

December 13
3:04 AM 2013

Nimble Storage will debut tomorrow on the New York Stock Exchange (NYSE) with an opening price range of $18 to $20 per share. The hybrid storage provider is expected to raise $184 million through an initial public offering (IPO) of 8 million shares, according to TechCrunch.

As of October 31, Nimble's revenues amounted to $84 million. In the previous year, the company's revenues were $53.8 million. To date, the storage firm has raised a total of $81.7 million in funding. The company's largest shareholders are Accel Parters, Lightspeed Ventures, and Sequoia Capital, the report detailed.

Nimble is among the fastest-growing storage firms in the market. The company's product uses multi-core processors to compress data. The hybrid storage product uses technology designed to function as primary, backup and disaster recovery at the same time. Companies use Nimble to decrease their amount of storage capacity, the report explained.

TechCrunch said the California-based storage company might perform better than Violin Memory on its IPO. Violin, another storage company, has seen its stock price plunge rapidly after its September debut, TechCrunch said in its report.

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